China's modern seeds development foundation to invest in Hongqi Seed

Date:05-05-2014

China’s first modern seeds development foundation entered into a strategic cooperation agreement withthe Chinese seed company Jiangsu Hongqi Seed Co., Ltd, through which the foundation will invest in Hongqi Seed to facilitate the establishment of a largest and most competitive seed and seedling business entity in east China.

Hongqi Seed specializes in quality rice and wheat seed development, where the Hongqi branded seed has been sold nationwide for 11 consecutive years free of failures in 128 cities/counties across 18 provinces. In 2013 Hongqi Seed became a qualified “cultivation, growth and promotion” enterprise. Over recent years the company has given large input into the R & D activities and has restructured its operating mechanism, having been accredited to 2 national business qualifications which enable the company to be a prime industry player. Last year Hongqi Seed achieved sales of over Yuan 200 million($32 million at the current rate ) with a net profit of over Yuan 11 million($1.8 million at the current rate).
 
Leaders from Chinese Ministry of Finance and the Ministry of Agriculture who are present at the signing ceremony said that the investment this time is an innovative reform of Chinese agricultural system, which is not only a policy support, information support, financing support and human resource support, but is also a new driving engine to support the takeoff of China’s seed development.